The case involves an application filed by Asset Reconstruction Company (India) Limited, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Corporate Power Limited, the Corporate Debtor, for initiation of the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed that the Corporate Debtor defaulted on a repayment of Rs. 5997,80,02,973. The Corporate Debtor contested the application, primarily arguing that the application was barred by limitation and that the Tribunal lacked jurisdiction. The Financial Creditor argued that the Corporate Debtor's balance sheet constituted an acknowledgment of debt, thereby extending the limitation period.
Asset Reconstruction Company (India) Limited, acting as the Financial Creditor, initiated proceedings against Corporate Power Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditor claimed a default of Rs. 5997,80,02,973. The debt originated from loans availed by the Corporate Debtor from a consortium of lenders for setting up a coal-based plant. These lenders assigned their debts to the Financial Creditor. The Corporate Debtor failed to repay the dues, leading to SBI issuing a loan recall notice in March 2015. The Corporate Debtor's primary defense was that the application was barred by limitation. The Financial Creditor argued that the Corporate Debtor's balance sheet, specifically for the financial year
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Financial debt assigned by IIFCL and other…
SBI issued a loan…
The case involves an application filed by Asset Reconstruction Company (India) Limited, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Corporate Power Limited, the Corporate Debtor, for initiation of the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed that the Corporate Debtor defaulted on a repayment of Rs. 5997,80,02,973. The Corporate Debtor contested the application, primarily arguing that the application was barred by limitation and that the Tribunal lacked jurisdiction. The Financial Creditor argued that the Corporate Debtor's balance sheet constituted an acknowledgment of debt, thereby extending the limitation period.
Asset Reconstruction Company (India) Limited, acting as the Financial Creditor, initiated proceedings against Corporate Power Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditor claimed a default of Rs. 5997,80,02,973. The debt originated from loans availed by the Corporate Debtor from a consortium of lenders for setting up a coal-based plant. These lenders assigned their debts to the Financial Creditor. The Corporate Debtor failed to repay the dues, leading to SBI issuing a loan recall notice in March 2015. The Corporate Debtor's primary defense was that the application was barred by limitation. The Financial Creditor argued that the Corporate Debtor's balance sheet, specifically for the financial year
…Financial debt assigned by IIFCL and other…
SBI issued a loan…